Tag: Black Sea Grain Initiative

The Hong Kong-flagged, 9,400 TEU container ship Joseph Schulte, left Odessa port on Wednesday after being stranded at Odessa port for 18 months due to the ongoing war.

Russia has warned that ships travelling to Ukraine's Black Sea ports, will be considered potential military targets as Kyiv said it would set up a temporary shipping route to continue grain exports following Moscow’s withdrawal from a deal that permitted food shipments from Ukraine’s ports.

According to International news, Russia struck Ukraine's port of Odesa with missiles and drones on 18th July, a day after pulling out of a United Nations-backed deal to let Kyiv export grain.

After the Russian Government didn't extend the Black Sea Grain Initiative, the deal expired yesterday. As a result, ship insurers are considering suspending coverage for any ships prepared to sail to Ukraine.

On 14th, Russian Navy has warned seafarers operating in Ukrainian territorial waters in the north-west Black Sea, citing increased risk from floating mine.

United Nations' Secretary-General Antonio Guterres sent a letter to Russian President Vladimir Putin offering compromise in exchange for Black Sea Grain Initiative extension.

UNCTAD answers questions and presents facts and figures on the Black Sea Grain Initiative to highlight its important role in global economy, as there is serious doubt whether the deal will be renewed. 

Despite the fact that EU is considering a proposal to allow a Russian bank under sanctions to carve-out a subsidiary that would reconnect to the global financial network, a Kremlin spokesperson announced that Russia likely won't renew the deal. 

According to Financial Times, the EU is considering a proposal to allow a Russian bank under sanctions to carve-out a subsidiary that would reconnect to the global financial network, as a sop to Moscow aimed at safeguarding the threatened Black Sea grain deal.

The Black Sea MoU published its Annual Report on Port State Control in the Black Sea region, which covers the period between 1st January and 31st December 2022.